Editor’s Note
The UK has announced new sanctions targeting Russian diamonds and key metals, expanding economic pressure in response to the ongoing conflict in Ukraine.
The UK government announced on the 18th that it will ban imports of Russian diamonds as an additional sanction against Russia’s invasion of Ukraine. It plans to submit a bill to parliament later this year and also intends to ban imports of Russian copper, aluminum, and nickel.
said UK Prime Minister Rishi Sunak ahead of the G7 summit starting on the 19th in Hiroshima. Russia’s diamond industry exports reached $4 billion in 2021.
The UK government also explained its plan to add a total of 86 individuals and entities linked to Russian President Vladimir Putin to the sanctions list. This includes individuals who are “actively working to mitigate the impact of existing sanctions.” Since the start of the invasion in February last year, the UK has imposed sanctions on over 1,500 Russian individuals and entities and frozen approximately £18 billion worth of Russian assets.
To block Russia’s military funding, the UK, US, Canada, and Japan banned imports of Russian gold in June last year. According to the UK Prime Minister’s Office, these sanctions have rendered about 60% (£275 billion) of President Putin’s war funds “immovable.” The UK and the European Union (EU) have announced similar sanctions against Russia. The US government banned imports of Russian diamonds, seafood, and vodka in June last year.
Prime Minister Sunak arrived in Hiroshima on the 18th and agreed to the “Hiroshima Accord” with Prime Minister Fumio Kishida to strengthen strategic partnership between the two countries in economy and security. On the 19th, he visited the Peace Memorial Park with other G7 leaders, inspected the Peace Memorial Museum, laid flowers at the Atomic Bomb Memorial Mound, and observed a moment of silence. He also participated in a commemorative tree-planting with the G7 leaders.
Sunak emphasized, stating that G7 sanctions against Russia are a manifestation of the unity of the seven major nations in the face of the Russian threat. “We must redouble our efforts to defend the values of freedom, democracy, and tolerance, not only in Ukraine but also here in the Indo-Pacific.”
Prime Minister Sunak is scheduled to meet with Indian Prime Minister Narendra Modi on the 21st. Prime Minister Modi has been invited as a guest to the G7 summit. Prime Minister Modi has maintained a neutral stance on Russia’s invasion of Ukraine so far, calling for peaceful dialogue to resolve the conflict. Regarding this, Sunak told the press corps accompanying him to Japan that he has seen “positive” moves by India regarding the war in Ukraine.
